>>> Europe : Brokers Upgrades & Downgrades - 23rd of September 2016

>>> Up
*AIR FRANCE-KLM RAISED TO NEUTRAL VS UNDERPERFORM AT MACQUARIE
*FERRAGAMO RAISED TO BUY VS HOLD AT KEPLER CHEUVREUX
*FORUM ENERGY RAISED TO OVERWEIGHT AT BARCLAYS
*HOLOGIC RAISED TO OVERWEIGHT AT BARCLAYS
*ING RAISED TO OUTPERFORM AT RBC
*JIMMY CHOO RAISED TO BUY VS NEUTRAL AT BOFAML
*MERLIN PROPERTIES RAISED TO NEUTRAL VS SELL AT MIRABAUD
*PERSIMMON RAISED TO BUY VS HOLD AT LIBERUM
*UNICREDIT ADDED TO CONVICTION BUY LIST AT GOLDMAN

>>> Down
*ENQUEST CUT TO UNDERWEIGHT VS EQUALWEIGHT AT BARCLAYS
*HELLA CUT TO HOLD VS BUY AT HSBC
*LENTA CUT TO SELL AT RENAISSANCE CAPITAL
*LPKF CUT TO HOLD VS BUY AT BANKHAUS LAMPE
*MOLESKINE CUT TO NEUTRAL VS OUTPERFORM AT EXANE

>>> PT Change


>>> Initiation
*ASOS RATED NEW NEUTRAL AT CREDIT SUISSE
*BANCO POPULAR RATED NEW BUY AT JEFFERIES
*BANKIA RATED NEW HOLD AT JEFFERIES; PT EU0.75
*BANKINTER RATED NEW UNDERPERFORM AT JEFFERIES; PT EU5.25
*BBVA RATED NEW BUY AT JEFFERIES; PT EU7
*BCP RATED NEW UNDERPERFORM AT JEFFERIES; PT EU0.02
*CAIXABANK RATED NEW HOLD AT JEFFERIES; PT EU2.8
*INGEVITY RATED NEW BUY AT JEFFERIES
*INTESA RATED NEW BUY AT JEFFERIES; PT EU2.6
*MAIRE TECNIMONT REINITIATED BUY AT KEPLER CHEUVREUX; PT EU2.7
*MEDGENICS RATED NEW BUY AT JEFFERIES
*SABADELL RATED NEW HOLD AT JEFFERIES; PT EU1.3
*SANTANDER RATED NEW UNDERPERFORM AT JEFFERIES; PT EU3.55
*SUNRISE COMMUNICATIONS RATED NEW OUTPERFORM AT RBC; PT CHF85
*UNICREDIT RATED NEW BUY AT JEFFERIES
*VERSUM MATERIALS RATED NEW HOLD AT JEFFERIES
*YOOX NET-A-PORTER RATED NEW OUTPERFORM AT CREDIT SUISSE

>>> Call
>> Stock
*UNICREDIT ADDED TO CONVICTION BUY LIST AT GOLDMAN